I would really appreciate it if you could explain the answer with only a graph. Thank you.
a) Can you graph a typical TVC curve and explain how it reflects diminishing returns?
b) Can you explain the difference between the diminishing returns and returns to scale. How does each affect the behaviour of average cost?© BrainMass Inc. brainmass.com March 4, 2021, 6:13 pm ad1c9bdddf
Please see attachment.
I would really apriciate it if you could explain the answer in ...
TVC (tvc) Curve, Diminishing Returns, Returns to Scale are emphasized.